Breakfast briefing: Friday, January 13


  • Business
  • Friday, 13 Jan 2017

MarketWrap: Wall Street stocks fell and the US dollar dropped to a five-week low on Thursday after President-elect Donald Trump, in his eagerly-awaited news briefing the previous day, failed to provide details on fiscal policies that were expected to bolster the economy. - Reuters

The DJIA down 63.28 points, or 0.3%, at 19,858.87, while the S&P 500 lost 4.88 points, or 0.2%, to 2,2270.44. The Nasdaq dropped 16.16 points, or 0.3%, to 5,547.49, a day after hitting a record high.

Energy

Oil prices rose more than 1% on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production to reduce a global crude glut, and on forecasts of record demand in China. Brent crude oil LCOc1 settled up 91 cents, or 1.7%, at US$56.01, off the session high of US$56.43 a barrel. - Reuter
 

Top foreign stories

Fed's Yellen says she's upbeat about short-term economic outlook: The US economy is doing well and faces no serious obstacles in the short term, with the labor market looking pretty strong, Federal Reserve Chair Janet Yellen said on Thursday. In the "short term I would say I don't think there are serious obstacles. I see the economy as doing quite well," Yellen said in a town hall meeting with educators. - Reuters

Amazon to add more than 100,000 jobs in US hiring spree:  Amazon.com Inc on Thursday said it will create more than 100,000 jobs in the United States, from software development to warehouse work, in its latest move to win over shoppers by investing in faster delivery.The online retailer will grow its full-time US workforce by more than 50% to over 280,000 in the next 18 months. - Reuters

Takata to pay US$1b to settle US air bag probe: Japan's Takata Corp is expected to plead guilty to criminal wrongdoing as early as Friday as part of a US$1 billion settlement with the US Justice Department over its handling of air bag ruptures linked to 16 deaths worldwide, sources said. _ Reuters

Top local stories

AirAsia plans dual listing in Hong Kong: AirAsia Group is looking at a secondary listing of the airline, AirAsia Bhd, on the Hong Kong Stock Exchange and hopes it can take place before the middle of this year. It is believed that China Merchants Bank, an investment bank, is likely to get the job to advise and make the relevant submissions for the dual listing. - StarBiz

Prestariang, Alibaba and Conversant in IT tie-up: The collaboration between Alibaba Group’s cloud computing arm Alibaba Cloud, Prestariang Bhd and Singapore’s Conversant Solutions Pte Ltd marks Alibaba Cloud’s first venture into the education sector for the international market. The three parties signed a memorandum of understanding on Thursday to build an integrated education platform known as EduCloud. - StarBiz

Ho Hup JV wins RM221m contract: Ho Hup Construction Co Bhd’s unincorporated joint venture with DSE Construction Sdn Bhd has clinched a RM221.4mil contract under the project to rehabilitate Sungai Besut, Terengganu. Ho Hup’s share in the JV is 80.7%. - StarBiz

EKA Noodles to close flagship plant in Kedah: Eka Noodles Bhd, Practice Note 17 (PN17), has decided to close its flagship rice and sago sticks (vermicelli) manufacturing plant in Baling, Kedah, and cease operations by the middle of next week. - StarBiz

Wan Azmi makes offer for Tecnic: A group led by prominent businessman Tan Sri Wan Azmi Wan Hamzah has launched a cash offer of 63 sen per share to mop up all the shares they do not already own in Tecnic Group Bhd. - StarBiz

Maybank to sell 68.55% stake in WOM Finance for RM229m: Malayan Banking Bhd (Maybank) is planning to dispose its entire 68.55% stake in WOM Finance to PT Reliance Capital Management for an indicative price of 673.77 billion rupiah (about RM229.08mil) cash consideration. - StarBiz

Johari: No need to recalibrate budget: There is no necessity to recalibrate Budget 2017, as Malaysia is on the right track towards strong growth this year, according to Second Finance Minister Datuk Johari Abdul Ghani. - StarBiz

Thriven partners Perak government to build affordable homes: Thriven Global Bhd has teamed up with the Perak State Secretary Inc to build affordable houses on 11 pieces of freehold land measuring 17.52ha in Behrang Ulu, Muallim, Perak. - Edge FD

Perisai Petroleum granted orders to restrain actions taken against it: Perisai Petroleum Teknologi Bhd and its wholly-owned subsidiary Perisai Capital (L) Inc have been granted a restraining order against all proceedings and actions brought against the two companies as part of its regularisation plan. - Edge FD

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